The effects of the electron-phonon interaction on charge and spin dynamics are studied for the one-dimensional two-band Hubbard model by the exact diagonalization method. The parameters of the model are chosen to represent a hole-doped Cu-O system. Local charge fluctuations induced by phonons are expressed in terms of microscopic current and polarization, and it is shown that the dynamic charge transfer is strongly dependent on the phonon wave vector when the system is doped with holes. The dynamic magnetic structure factor is also found to be significantly modified by lattice distortion. In particular the lowest-energy spin excitations are greatly softened, indicating significant spin-phonon coupling. It is shown that the optical response is significantly modified as well due to coupling with the lattice over an energy range far exceeding the phonon energy. These results demonstrate the unconventional nature of the electron-phonon coupling in the strongly correlated electron systems. Its possible implications to the pairing mechanism in the cuprates are discussed.
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